Speaking at last week’s International Conference on Biobased Materials in Cologne, Germany, Josko Bobanovic of Sofinnova Partners, a venture capital fund based in Paris with a focus on life sciences, announced the launch of the new Sofinnova Renewable Chemistry Start-up Award – “starting today,” said Bobanovic.
“The competition is now open!”
The Award recognizes the most promising renewable chemistry start-up. The Top 5 companies will be selected by popular vote online and the winner will be selected at Bio World Congress on Industrial Biotechnology by an industry jury.
The Award offers Sofinnova the opportunity to reach out to the market.
“We build companies and communities,” explained Bobanovic. He said that one of the most important things the company looked at when deciding whether or not to invest, was at the people. “We have to get along,” he said. “It’s like a marriage with a predestined divorce – we are heavily involved during the first few years, after which they are hopefully strong enough to go it alone.”
Another key point is the technology: “We like unique technology, and a stable business model,” he noted. “What we also look for is a sequential creation of value. How will the company create value over time? We like milestones,” he added.
The Award is open to start-up companies with a revenue of less than $5M, who are active in renewable chemistry, industrial biotechnology or renewable fuels. Sofinnova is looking for entrants who have an ambitious plan with unique technology characteristics.
The deadline for application is 30 May 2015. Online voting will close on 5 July 2015.
The top 5 start-ups will have the opportunity to pitch their company to a jury of industry experts at BIO World Congress on Industrial Biotechnology, which is taking place this year July 19-22, 2015, in Montreal.
The Renewable Chemistry Start-Up Award is supported by Sustainability Consult, the leading agency for bio-economy communications and public relations.